Distance between about 10 million Filipinos working abroad and their families back home need not be an issue down to the sending of remittances.
Money transfer company MoneyGram partnered with GCash earlier this month to allow easier remittance sending and receiving through the GCash mobile application.
MoneyGram says the transaction will allow the receiver of remittances in the Philippines to get the money within 10 minutes through mobile wallet.
After that, the credits can already be used to pay for goods and services, such as buying of prepaid load, paying of bills, and transacting via scan-to-pay QR codes at the mall.
The receiver may also encash the remittance on his GCash wallet for a standard charge.
There are at least 10 million overseas Filipino workers who send foreign remittances that contribute significantly to the country's earnings.
Personal remittances from overseas Filipino workers amounted to $25.7 billion for the first ten months of 2017.
Despite this, many Filipinos still don't use banks to process their financial needs, such as receiving remittances. Some continue to rely on remittance centers to receive money from their relatives abroad.
MONEYGRAM X GCASH
MoneyGram's partnership with GCash makes sending and receiving remittance easier, especially for the one million active GCash users in the country.
This partnership with GCash moves MoneyGram closer to its vision of worldwide financial inclusion, said Yogesh Sangle, head of MoneyGram Asia Pacific, Middle East, and South Asia.
"Aside from convenience, MoneyGram ensures that there is no additional charge to use the service, although a standard charge applies for the transfer of money out of a user’s GCash wallet," Sangle said.
In celebration of this new partnership, MoneyGram and GCash have launched a promo that will run for three months starting March 1. New users will receive P200 for their first transaction with the
new MoneyGram service powered by the GCash app.
Receiver of the remittance must download the GCash app via Google Play or Apple Store, undergo the brief Know-Your-Customer process, and simply key in the reference number from the remittance sender.
For more information, visit moneygram.ph/en/gcash.
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